Royal Bank of Canada Lowers Cannae (NYSE:CNNE) Price Target to $23.00

Cannae (NYSE:CNNE) had its price objective reduced by Royal Bank of Canada from $27.00 to $23.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Cannae Stock Up 2.3 %

CNNE stock opened at $19.53 on Wednesday. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.10. Cannae has a 1 year low of $16.94 and a 1 year high of $22.99. The company has a fifty day simple moving average of $19.51 and a 200 day simple moving average of $19.68. The firm has a market cap of $1.23 billion, a PE ratio of -4.06 and a beta of 0.87.

Cannae Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Monday, March 17th. Cannae’s payout ratio is presently -9.98%.

Institutional Investors Weigh In On Cannae

Several institutional investors and hedge funds have recently modified their holdings of the business. River Road Asset Management LLC lifted its stake in shares of Cannae by 0.9% in the 3rd quarter. River Road Asset Management LLC now owns 5,665,103 shares of the company’s stock valued at $107,977,000 after purchasing an additional 50,150 shares during the last quarter. FMR LLC lifted its position in Cannae by 17.6% during the 3rd quarter. FMR LLC now owns 2,653,854 shares of the company’s stock worth $50,582,000 after acquiring an additional 397,352 shares during the last quarter. Saba Capital Management L.P. lifted its position in Cannae by 92.3% during the 4th quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company’s stock worth $44,074,000 after acquiring an additional 1,065,083 shares during the last quarter. Newtyn Management LLC lifted its position in Cannae by 18.9% during the 4th quarter. Newtyn Management LLC now owns 1,890,000 shares of the company’s stock worth $37,535,000 after acquiring an additional 300,000 shares during the last quarter. Finally, Carronade Capital Management LP lifted its position in Cannae by 145.5% during the 4th quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company’s stock worth $34,336,000 after acquiring an additional 1,024,663 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

About Cannae

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.